South Florida may be dealing with a shortage of inventory in single family homes and prices that continue to climb, yet the region remains among the top ten when it comes buyers and the odds of a successful price negotiation. This is according to a recent report by popular online real estate database company Zillow released last month.
The area comprising Fort Lauderdale to Miami managed to come in sixth place on Zillow’s list of the top buyer’s markets, right below popular New York City. These rankings were determined by taking a look solely at negotiating power, which was determined by seeing how long a home has been on the market and the number of times a seller slashed the price in an effort to sell the home. In other words, the more times a home’s price was slashed, the more negotiation power a prospective buyer has.
In the metro area of Miami, most homes remain on the market for just over 100 days and typically sell for about 15 percent less than the original asking price. Interestingly, the numbers differ from those released by the Miami Association of Realtors which stated that 93.3 and 95 percent of single family homes and condos sold at the list price, respectively.
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